US February pending home sales -10.6% vs -3.0% m/m expected

US February pending home sales data from the National Association of Realtors

  • Prior was -2.8%
  • Pending home sales index 110.3 vs 122.8 prior
  • Sales y/y -2.7% vs +6.5% expected (prior +8.8%)

Tight inventories and cold February weather put a major damper on home sales in February. Each of the four regions experienced a decline.

“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift but contracts are not clicking due to record-low inventory,” said Lawrence Yun, NAR’s chief economist.

“Potential buyers may have to enlarge their geographic search areas, given the current tight market,” Yun said. “If there were a larger pool of inventory to select from – ideally a five- or a six-month supply – then more buyers would be able to purchase properties at an affordable price.”

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